{"id":55433,"date":"2023-08-31T17:33:13","date_gmt":"2023-08-31T21:33:13","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/housing-affordability-is-now-at-its-worst-level-since-1984-black-knight-says\/"},"modified":"2023-08-31T17:33:15","modified_gmt":"2023-08-31T21:33:15","slug":"housing-affordability-is-now-at-its-worst-level-since-1984-black-knight-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55433","title":{"rendered":"Housing affordability is now at its worst level since 1984, Black Knight says"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002460969\" role=\"document\">\n<p>The housing market has no mercy for the typical home buyer.<\/p>\n<p>With home prices at a record high and mortgage rates over 7%, housing affordability has fallen sharply to the lowest level since 1984, mortgage-data company Black Knight<br \/>\n        BKI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205833702\/composite\" class=\"negative\">-0.03%<\/bg-quote><br \/>\n       said Thursday. But a lack of inventory has helped keep prices high, observers said.<\/p>\n<div class=\"paywall\">\n<p>The monthly payment on a typical home in July requires approximately 38% of a median household\u2019s income, up from 36.8% the previous month. That makes \u201chousing the least affordable that it\u2019s been since 1984,\u201d the company said.\u00a0<\/p>\n<p>Housing was most affordable in January 2013, Black Knight said, when a payment-to-income ratio was just 17.1%. But that\u2019s also one month after the bottom of the market, after the Great Recession.\u00a0<\/p>\n<p>Back then, the 30-year was considerably higher at 13.2%, the company added. Black Knight\u2019s data goes back through 1975. Housing was most affordable in January 2013, the company said, when a payment-to-income ratio was just 17.1%. But that\u2019s also one month after the bottom of the market, after the Great Recession.\u00a0<\/p>\n<p>With rates at 7.23% as of Aug. 24, the typical mortgage payment \u2014 including principal and interest \u2014 to purchase a median-priced home with a 20% down payment and a 30-year fixed-rate mortgage had risen by 91% over the last two years to $2,423, Black Knight said.<\/p>\n<h2>No signs of respite<\/h2>\n<p>Home prices offer no respite for the weary house hunter, who is also grappling with the rising cost of homeownership. <\/p>\n<p>Overall, home prices hit an all-time high in July, according to Black Knight\u2019s Home Price Index, increasing 2.3% in July from the year before after rising just 0.9% on the year in June. All numbers are seasonally adjusted.<\/p>\n<p>The median price of an existing home in July was $406,700; the price of a newly built home was $436,700.<\/p>\n<p>According to Black Knight\u2019s index, home prices grew on a month-over-month basis in 99 of the 100 largest markets in July, the company said, with Hartford, Conn. leading the pack with an annual increase of 1.6%, followed by Providence, R.I. (1.2%), and Philadelphia, Penn. (1.1%).\u00a0<\/p>\n<p>The only market that saw home prices fall on a month-on-month basis was Austin, with growth at -0.1%.<\/p>\n<p>\u201cIf price gains were to maintain their current pace \u2014 which is unlikely given how tight affordability has become \u2014 it would result in annual gains returning above 7.5% by the end of the year,\u201d Andy Walden, vice president of enterprise research at Black Knight, said in a statement.\u00a0<\/p>\n<p>\u201cEither way, further acceleration in annual appreciation is almost a certainty for August,\u201d he added.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/housing-affordability-is-now-at-its-worst-level-since-1984-black-knight-says-54dbfee3?mod=personal-finance\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The housing market has no mercy for the typical home buyer. With home prices at a record high and mortgage rates over 7%, housing affordability has fallen sharply to the lowest level since 1984, mortgage-data company Black Knight BKI, -0.03% said Thursday. But a lack of inventory has helped keep prices high, observers said. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-55433","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Housing affordability is now at its worst level since 1984, Black Knight says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The housing market has no mercy for the typical home buyer. 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